ManpowerGroup and CITICPE Announce Joint Venture in Greater China

SHANGHAI, Sept. 11, 2015 /PRNewswire/ -- ManpowerGroup (NYSE: MAN), a leading workforce solutions expert, and CITICPE (CITIC), one of the largest investment firms in China, have today announced a joint venture to expand ManpowerGroup's business in the Greater China region (mainland China, Hong Kong, Macau and Taiwan).  ManpowerGroup will consolidate its existing operations in Greater China and partner with CITIC to combine both organizations' specialist knowledge and deep expertise in these markets.  The joint venture will operate under the ManpowerGroup management and brand and will be a strategic part of the ManpowerGroup global network.

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"This is an exciting phase for ManpowerGroup in the Greater China region," said Ram Chandrashekar, ManpowerGroup President Asia Pacific and Middle East. "The partnership will leverage the synergy of our global strength and CITIC's local resources, and further strengthens our capabilities to serve this market.  The joint venture will create a localized strategy to tap into the significant opportunities in Greater China. For clients, it means we can deliver an even broader range of specialist workforce solutions with combined assets and systems, and for candidates, we can provide greater opportunities."

"China's economy has entered a crucial stage of transformation and upgrade," said Zhang Yinghao, Managing Director for CITICPE. "The HR services industry in the Greater China region is expected to grow significantly, driven by the local market. We see immense opportunities for the partnership to contribute to this growth through ManpowerGroup's global experience, network and innovative workforce solutions suitable for this region, as well as their strong presence and entrepreneurial talent in the local market. ManpowerGroup is globally recognized as the most trusted and admired brand in the industry. We believe the partnership with ManpowerGroup will help the market, clients and talent, and enable both partners to win in the changing world of work."

The joint venture will be governed by a senior executive Board comprising of both ManpowerGroup and CITIC.  Danny Yuan, President of ManpowerGroup in Greater China, who will lead the operation as CEO of the joint venture, said, "We are looking forward to leveraging this partnership and the combined strengths to create new strategic service offerings, attract top talent, gain market share and become the leader in the HR industry across the Greater China region."

The joint venture has already developed new offerings customized for the local markets and has started exploring opportunities for further expansion in the Greater China region.

About ManpowerGroup
ManpowerGroup® (NYSE: MAN) is the world's workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management ® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World's Most Ethical Companies for the fifth consecutive year and one of Fortune's Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com

About CITICPE
CITICPE is the strategic investment platform of CITIC Group and CITIC Securities. It was established in June 2008, following approval by the National Development and Reform Commission, PRC. The company leverages the full support of CITIC's market presence and CITIC financial services. Currently, CITICPE's assets under management total RMB 50 billion, with focus on areas including financial and business services, information technology, healthcare, industrial and energy, environmental and public utilities, and consumer.  CITICPE is among the top 5 largest investment firms in Asia, according to PEI 300 ranking published by Private Equity International in 2014, and was awarded as the "2014 Best PE Firms in China" by Forbes.